Required information [The following information applies to the questions displayed below.] Laser Delivery Services, Incorporated (LDS). was incorporated January 1. The following transactions occurred during the year: a. Received $40,000 cash from the company's founders in exchange for common stock. b. Purchased land for $12,000, signing a two-year note (ignore interest). c. Bought two used delvery trucks at the start of the year at a cost of $10,000 each; paid $2,000 cash and signed a note due in three years for $18,000 (ignore interest). d. Paid $2,000 cash to a truck repair shop for a new motor, which increased the cost of one of the trucks. e. Stockholder Jonah Lee paid $300,000 cash for a house for his personal use. Required: 1. Analyze each item for its effects on the accounting equation of Laser Delivery Services for the year ended December 31 . (Enter any decreases to account balances with a minus sign.) TIP: Transaction (a) is presented below as an example. TIP: The new motor in transaction (d) is treated as an increase to the cost of the truck. 1. Analyze each item for its effects on the accounting equation of Laser Delivery Services for the year ended December 31 . (Enter any decreases to account balances with a minus sign.) hip. Transaction (a) is presented below as an example. TiP: The new motor in transaction (d) is treated as an increase to the cost of the truck. Journal entry worksheet 5 Received $40,000 cash from the company's founders in exchange for common stock. Record the transaction. Note: Enter debits before credits. Journal entry worksheet 5 Purchased land for $12,000, signing a two-year note (ignore interest). Record the transaction. Note: Enter debits before credits. Journal entry worksheet Bought two used delivery trucks at the start of the year at a cost of $10,000 each; paid $2,000 cash and signed a note due in three years for $18,000 (ignore interest). Record the transaction. Note: Enter debits before credits. Journal entry worksheet